North Carolina Down Payment Assistance Systems

Online Payments - These systems will be the Mortgage Credit Certificate and the Down Payment Assistance System.

You also buy a home between January 1, 2009 and December 1, 2009 and if you meet the requirements for one of the plans, you can ALSO be eligible for the $8,000 tax credit only enacted into law.

First, who is a first-time Home Buyer? A First Time Home Buyer is someone who has not owned a home within the past three years. That is exactly the same qualifying definition.

What's a Mortgage Credit Certificate and Who Qualifies?

If you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It is possible to save as much as .

Should you qualify for 2009, for the MCC, you will have the ability to unite this with the $8,000 tax credit. This may reduce the tax liability of a buyer's .

Household income is defined as the “gross income of the mortgagor and any other person anticipated to reside in the dwelling who is 18 years of age or older.”

The income and house price limits that apply in Durham, Orange and Chatham Counties are listed below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Persons $70,500 4 Men $70,500

MCC Sales Cost Limits New Dwelling $220,000 Existing Home $210,000

Home buyers that want help with their deposit and closing costs might be able to get down payment assistance - or, in other words, interest-free, deferred second mortgages up to $8,000. The purchaser only needs to pay and the load would pay as much as .

This plan has stricter income limitations than the MCC plan outlined above. Like the MCC application, it can be used in combination with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit help, nevertheless, can not be applied in conjunction with the MCC. It is an either or situation.

House price limits that apply in Durham, Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing Home $210,000